The Role of AI in Improving Customer Experience
In the modern age of commerce, the chief objective for businesses is to generate frictionless, tailored customer experiences to increase profitability. A key technology which can effectively fuel this goal is artificial intelligence (AI). The technology draws on recent developments in cloud infrastructure and cognitive computing to build ever-changing, on-demand learning algorithms. In turn, retailers can make use of these algorithms to procure transformational insights, automate manual processes, and cultivate novel experiences. What’s more, AI can also help businesses eliminate technical difficulties, foster innovation, and expedite their digital transformation.
While the B2C market is already capitalizing on the functionalities of AI, the B2B industry is now starting to espouse the technology to enhance customer experience and thereby raise the profit margins. According to a recent estimate by Gartner, all B2B companies are going to implement AI by 2020 to boost at least one of their primary sales processes. Interestingly, the prediction has come to pass with the introduction of Monet, a latest AI-enabled guide that delivers meaningful insights for customizing sales proposals. The system employs machine-learning algorithms on customer information and learns based on user feedback. As a result, it can forestall impending actions and personalize instructive feedbacks for each recommender while offering them quick, accurate, and reliable buying experiences.
Into the bargain, the incorporation of artificial intelligence into everyday business operations can result in cost-effective, productive, and impactful processes that are likely to improve customer engagement and help retain them. The operational applications of AI, the likes of dynamic pricing, for instance, can empower businesses across a wide range of industries to upgrade their product offerings. Enterprises capitalizing on dynamic pricing science hold the potential of gaining actionable insights into how to charge their products depending on factors such as market demand and consumers' readiness to purchase. This approach can lead to remarkable outcomes industry-wide, from augmenting customer loyalty to discovering new sales opportunities to enhancing the bottom line.